We are happy to announce our arrival in the City of Joy with over 20+ fully managed buildings, 700+ beds. We are now well on the way to revolutionise the housing and long term rental offerings with our first of its kind, hassle-free, and technology-driven rental housing product in the city of Kolkata. Targeted at millennials, students and professionals in search of fully managed, furnished homes on long-term rentals, at affordable prices, with OYO LIFE we offer end to end managed, comfortable, high-quality living experience that eliminates the hassles of finding, accessing and managing everyday housing.
In Kolkata, we have already set up co-living residences at Ruby (Anandapur), Newtown, Salt Lake, New Alipore areas. Starting at an affordable price of Rs 4,999 per bed onwards, all of our OYO LIFE buildings are equipped with essential amenities like Wi-Fi connectivity, television, refrigerator, furnishings, AC, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. By doing so, we are addressing the supply-demand gap in the long term rental housing space that eliminates the hassles of heavy deposits, lock-in period, lack of safety infrastructure, unpredictable living conditions, expenses on furnishings, maintenance and unreliable housekeeping.
Talking about OYO LIFE’s growth trajectory and plans for Kolkata, Rohit Kapoor, Chief Executive Officer, New Real Estate Businesses, OYO, said, “OYO LIFE was conceptualized based on the feedback and demand from our valued customers and building owners for solving the pain-points associated with long-term rentals including high deposits, lock-in periods, non-transparent payments and lack of amenities. Today, working professionals and students alike are looking for a place to stay which is not only closer to their offices and academic institutions but also offers world-class amenities at affordable rates. By bringing such groups of millennials and professionals together for a hassle-free, networking and facilities rich rental experience, OYO LIFE is altering the long term rental paradigm. As we continue to grow and expand our footprint in India, we are excited to start on a strong note in Kolkata and are seeing over 85%occupancy in the city at launch. We expect the co-living market to continue to grow and are geared to provide over 100000 beds by 2019 end. This is in line with OYO’s mission of creating quality living spaces and experiences, anywhere, for everyone.”
With OYO LIFE we believe that housing is an essential product to LIFE and inspires how you live your life. Instead of a traditional rental home, people have the option of choosing a lifestyle which gives them the freedom to live their lives in their own way that too with financial freedom with minimal deposits. Further at OYO LIFE professionals have access to all the essential amenities like Wi-Fi connectivity, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. Residents also have access to OYO Support at all times, at no additional cost over the monthly rental charges. These living spaces are carefully curated keeping in mind the preferences of the young and ‘always on’ generation, with a focus on comfort and convenience, so that these young creative minds can pursue their passions.
We started our operations in India last year in October, and now we have more than 500+ buildings, 30000+ live beds and are constantly adding 5000+ new beds every month thereby making it one of the largest businesses for branded fully-managed housing for millennials in India (as of Aug 2019). Currently, we are present in 9 cities in India i.e. Delhi, Noida, Gurgaon, Pune, Bangalore, Hyderabad, Chennai, Kolkata and Mumbai. We are currently witnessing nearly 85-90% occupancy (matured buildings) with 95% of the residents renewing their stay and choosing us as the preferred stay option.